Laurel Road Reviews

Opened a high yield savings account and before I finished linking my cheeking account they locked it for review. took over a month to decide to close my account and are saying they may ding my credit score. I will be disputing any and all claims against my credit. Absolute scum behavior.

Date of experience: November 13, 2024

This is how they treat consistent payments with threats of collections, demands for address updates, and contacting family members. I refinanced over 140k student loans with Laurel Road / MOHELA. I never missed a payment until a year ago when I switched bank accounts. The first time payment came due, I noticed and contacted. I was assured that switches take some time, made the payment, and did not think twice about next month. I then got a threatening phone call that next month. No more than 20 days after the missed payment. Nah, I will not be recommending them. No, I will not be using them for a mortgage. No way would I consider a personal loan.

Date of experience: November 24, 2024

So .. If your reading this READ CAREFULLY because I am not the only one going through this ; First thing first DO NOT OPEN ANYTHING WITH LAUREL ROAD THEY ARE THE WORST, customer service is the worst, they will lock your account after 1 day of using it as well as they will give you every excuse in the bank to not let you use your own money in your account.

1. I deposit 2k into this bank so I can use this for my rent bank account right, here where I lost it the very next day so I can add and external account they denied it which found suspicious and they called me and told me I attempted too many time when I did it one time I know my account and routing number which is correct.
2. They will say this exact word “our patience and apologize for the inconvenience you've experienced. We are committed to improving our customer service and account setup processes to ensure a smoother experience for all our customers.” Copy and PASTE message of course
ThATT IS A LIEEE THEY DONT CARE AND WOULDNT EVEN LET SIGN INTO THE APP TO SEE YOUR OWN MONEY !!

3. Their is 1000s of people going through this and to show you I’m not lying here’s the type in “ laurel road review on google click the first Reddit review trust me read every comment and tell me if I’m lying about this shady bank.

AND THEY WILL LIE AND SAY 10 business day and it will be weeks or months … I NEED THEM
TO BE REMOVED AND SUED THATS HOW BAD I REGRET THEM AND I PUT DIRECT DEPOSIT GOOD THING I CHANGED IT THIS MORNING

They won’t even reply to this post I wish they let me post pictures so I can show more proof. Please listen to me and do not open an account with them I will give u guys an update of my progress too

Date of experience: December 03, 2024

So far terrible. Don’t have an account yet and have been waiting for over a month. Terrible customer service who has no helpful answers when you call asking about your account setup and verification.

Date of experience: November 12, 2024

Unfortunately you can only transfer small amounts of money into your Laurel accounts with a weekly/monthly max that is silly low.
Once you transfer it also takes 5 business days to hit your account even if you have transferred from one of your own accounts to a Laurel account.
Never mind… trying to get someone on the phone
They have never improved this over the years.
But if you have the patience for all that- you’ll be fine as they have good interest rates

Date of experience: October 15, 2024

I am one of the probably thousands by now whose account was locked for "account verification" when I tried to do a simple wire transaction. I called by phone because the site does not let you do it online. Got 2 follow up calls that they told me was standard to verify, then got blocked from accessing my accounts without any hint of letting me know. The wire was NEVER sent, so that angered me and now more than 2 weeks have gone without any real update despite me sending in a sworn affidavit to prove it's me wanting my own money?!?! Why do they treat you like you are trying to get a mortgage with a low credit score, to literally access your own money? PLEASE RESTORE MY ACCESS NOW

Date of experience: September 20, 2024

Great interest rate, easy to use website/app. Would rate 5 stars if I could do unlimited transfers between this savings account and a checking account with you. This is the only thing holding me back from using this account and your checking account fully.

Date of experience: September 12, 2024

I opened an account and fully expected to receive the $300 bonus as promised for depositing $3500 within 60 days, but I was told that I did not qualify because it was 63 days after opening my account that my $3500 was deposited. These banks will find any excuse to use your money and get out of paying the money they promise to open an account. This is just the latest scam.

Date of experience: September 17, 2024

Sign up process went smoothly. New accounts opened without problems. Signed up for online access. Set up direct deposits. Bonus paid out quickly. Great Experience when compared with some other banks.

Date of experience: July 06, 2023

Very easy to set up a high yield savings account. Making deposits and withdrawals is also very easy. And I love seeing my interest posted each month!!! Such a good interest rate!!!

Date of experience: September 03, 2024

Laurel road is great. Love the checking and savings accounts. App easy to use. Refinanced student loans with incredible rate. My one issue is that I can’t use it with 3rd party apps like YNAB and EveryDollar. I did finally get YNAB to work recently but it’s inconsistent and involves a difficult login procedure each time you want to get transactions. EveryDollar won’t connect at all and they say it is Laurel Roads issue. I really want to switch to EveryDollar this year since it’s cheaper.

Date of experience: December 28, 2022

Laurel Road was suggested to me by a coworker as a savings account for my daughter. The process to open an account was very straightforward and quick. The true test will be in the actual banking processes! So far deposits from my own checking account have been easy, it just takes a few days to process. 10/10 as of now overall!

Date of experience: December 27, 2023

I had a great experience with them. I used a physician loan and they had a significantly better rate than I could get elsewhere. Their portal is straight forward to upload documents and my agent was always available to help and explain things. The only sticky thing was setting up auto-pay as it was a bit confusing between them and Key bank, which they fall under. A quick call to customer service cleared that up though.

Date of experience: July 19, 2022

We used Laurel Road to purchase our home using a physician loan. Overall the process was ok but I think unnecessarily stressful towards the end. We didn’t get the Clear to Close until 2 days before closing. It seems like a lot of the things holding up the process could have been anticipated. On the bright side they were responsive and I got a good internet rate.

Date of experience: August 01, 2022

A lot of companies try and build trust with their customers by doing what they say they are going to do. Laurel Road breaks from this tradition by doing the opposite. As a bonus, they have the slowest mobile app I have ever seen, it feels like I would get a faster response via carrier pigeon than using their app. This is secondary to their duplicity, but is still worth mentioning.

Date of experience: May 10, 2024

My experience with this company has been great. I wish I had this information a long time ago. I am thinking about opening a checking account.

Date of experience: September 16, 2024

With Laurel Road I am enjoying the Mobile App. It allows for me to track the rewards based on the Loyalty Checking. Other banks that i have accounts do not have a real time tracker for their rewards program.
I would recommend moving to the early direct deposit, as I do utilize online Banks that allow for early direct deposit.
Otherwise this has been a positive banking experience so far!

Date of experience: June 10, 2023

I had a very good experience with the Application process through Laurel Road. The online application process was very easy....document requirements for upload were also minimal and simple to accomplish. The rates were the best that I had been quoted after researching at least 4 other companies for refinance of Parent Plus student loan debt. Even a discount in the interest rate if you set up auto pay. Overall - very happy I chose Laurel Road

Date of experience: July 12, 2022

If security is such a concern, why doesn’t Laurel Road run security verification BEFORE activating someone’s account and freezing their entire life savings. Chase and BOA have frozen my account ZERO times in the last 20 year. Unacceptable.

Date of experience: August 26, 2024

My experience with Laurel Road has been phenomenal. I already had a loyalty checking account, and simply adding the high-yield savings account was simple, easy, and seamless. The high yield savings account is the top of the market, and the terms and conditions are really easy to understand. Simply connect your banks and move money in an instant.

Date of experience: May 24, 2023